Other Interests

Maronan Metals (ASX: MMA)

Minority shareholding  |  Approximately 15.4 million MMA shares retained

Red Metal’s “Big Copper” strategy has a demonstrated track record of converting exploration into standalone shareholder value. The Company’s Maronan discovery was advanced far enough to be separately listed on the ASX as Maronan Metals Limited (ASX: MMA), ceasing to be a Red Metal subsidiary in October 2025.

Following a shareholder vote in May 2026, Red Metal distributed the majority of its remaining MMA shareholding in-specie — one MMA share for every 5.25 Red Metal shares held — delivering that value directly to shareholders, while Red Metal retained approximately 15.4 million MMA shares.